JetBlue Airways Corporation (JBLU) Cash Flow Statement
Where JBLU’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$94.0M −165.3% vs 2024
- Capital expenditures
- $1.12B 12.4% of revenue
- Free cash flow
- −$1.22B −13.4% margin
- Returned to shareholders
- $8.0M
- Change in cash
- $147.0M cash at year-end $2.29B
Cash from operations
−$94.0M
Capital expenditures
−$1.12B
Investments (net)
+$1.50B
Acquisitions & other
+$277.0M
Share buybacks (net)
−$8.0M
Net borrowing (repayment)
−$461.0M
Shares issued
+$52.0M
Change in cash
$147.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
JBLU operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
JBLU cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.63B2016 | −$94.0M2025 | — | |
| Capital expenditures | $1.01B2016 | $1.12B2025 | +1.2%/yr | |
| Free cash flow | $621.0M2016 | −$1.22B2025 | — | |
| Free cash flow margin | 9.4%2016 | −13.4%2025 | −22.8 pts | |
| Operating cash flow / net income | 2.152016 | 2.552019 | +0.40 | |
| Stock-based compensation | $23.0M2016 | $40.0M2025 | +6.3%/yr | |
| Dividends paid | $02016 | $1.41B2023 | — | |
| Share buybacks (net) | $134.0M2016 | $8.0M2025 | −26.9%/yr | |
| Capex / revenue | 15.2%2016 | 12.4%2025 | −2.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
JBLU cash flow by activity
OperatingInvestingFinancingChange in cash
JBLU net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
JBLU cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$602.0M | −$795.0M | −$310.0M | −$362.0M | −$182.0M | −$1.35B | $569.0M | $188.0M | $1.15B | $759.0M |
| Depreciation & amortization | $688.0M | $655.0M | $621.0M | $585.0M | $540.0M | $535.0M | $525.0M | $469.0M | $424.0M | $393.0M |
| Stock-based compensation | $40.0M | $39.0M | $39.0M | $30.0M | $28.0M | $28.0M | $31.0M | $28.0M | $29.0M | $23.0M |
| Change in working capital | $64.0M | −$77.0M | $77.0M | $135.0M | $1.34B | $58.0M | $212.0M | $99.0M | $113.0M | $204.0M |
| Other non-cash items | −$284.0M | $322.0M | −$27.0M | −$9.0M | −$87.0M | $50.0M | $112.0M | $433.0M | −$315.0M | $253.0M |
| Cash from operating activities | −$94.0M | $144.0M | $400.0M | $379.0M | $1.64B | −$683.0M | $1.45B | $1.22B | $1.40B | $1.63B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.12B | −$1.62B | −$1.21B | −$923.0M | −$995.0M | −$791.0M | −$1.16B | −$1.11B | −$1.20B | −$1.01B |
| Investments (net) | $1.50B | −$3.08B | −$1.38B | −$908.0M | $296.0M | −$767.0M | $40.0M | −$28.0M | $236.0M | −$23.0M |
| Acquisitions & other investing | $277.0M | $1.62B | $1.21B | $923.0M | −$5.0M | $209.0M | −$13.0M | −$14.0M | −$9.0M | −$11.0M |
| Cash from investing activities | $658.0M | −$3.08B | −$1.38B | −$908.0M | −$704.0M | −$1.35B | −$1.13B | −$1.16B | −$975.0M | −$1.04B |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$1.41B | — | — | −$3.90B | −$981.0M | −$687.0M | $0 | $0 |
| Share repurchases & issuance (net) | −$8.0M | −$6.0M | −$4.0M | −$6.0M | −$8.0M | −$167.0M | −$542.0M | −$382.0M | −$390.0M | −$134.0M |
| Net borrowing (repayment) | −$461.0M | $3.71B | $1.06B | −$369.0M | $1.01B | $2.52B | $981.0M | $687.0M | −$194.0M | −$368.0M |
| Shares issued | $52.0M | $60.0M | $53.0M | $52.0M | $46.0M | $620.0M | $51.0M | $48.0M | $0 | $0 |
| Other financing | $0 | $0 | $1.41B | −$37.0M | −$1.88B | $3.91B | $656.0M | $447.0M | $31.0M | $30.0M |
| Cash from financing activities | −$417.0M | $3.77B | $1.11B | −$360.0M | −$830.0M | $2.98B | $165.0M | $113.0M | −$553.0M | −$472.0M |
| Summary | ||||||||||
| Net change in cash | $147.0M | $831.0M | $129.0M | −$889.0M | $108.0M | $951.0M | $485.0M | $174.0M | −$130.0M | $115.0M |
| Cash at end of period | $2.29B | $2.15B | $1.32B | $1.19B | $2.08B | $1.97B | $1.02B | $533.0M | $303.0M | $433.0M |
| Free cash flow | −$1.22B | −$1.48B | −$806.0M | −$544.0M | $647.0M | −$1.47B | $293.0M | $103.0M | $196.0M | $621.0M |
| Free cash flow margin | −13.4% | −15.9% | −8.4% | −5.9% | 10.7% | −49.8% | 3.6% | 1.3% | 2.8% | 9.4% |
| Capex / revenue | 12.4% | 17.4% | 12.5% | 10.1% | 16.5% | 26.8% | 14.3% | 14.5% | 17.1% | 15.2% |
| Operating cash flow / net income | — | — | — | — | — | — | 2.55 | 6.47 | 1.22 | 2.15 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$247.0M | −$319.0M | −$177.0M | −$143.0M | −$74.0M | −$208.0M | −$44.0M | −$60.0M | $25.0M | −$716.0M | −$103.0M | −$153.0M |
| Depreciation & amortization | $183.0M | $179.0M | $176.0M | $173.0M | $171.0M | $168.0M | $168.0M | $165.0M | $164.0M | $158.0M | $159.0M | $156.0M |
| Stock-based compensation | $7.0M | $13.0M | $8.0M | $10.0M | $10.0M | $12.0M | $9.0M | $9.0M | $9.0M | $12.0M | $8.0M | $9.0M |
| Change in working capital | −$70.0M | $290.0M | $93.0M | −$76.0M | −$168.0M | $215.0M | −$126.0M | −$85.0M | −$197.0M | $331.0M | −$153.0M | −$156.0M |
| Other non-cash items | −$28.0M | −$43.0M | −$51.0M | −$106.0M | −$54.0M | −$73.0M | −$24.0M | −$58.0M | −$15.0M | $419.0M | $3.0M | −$33.0M |
| Cash from operating activities | −$155.0M | $120.0M | $49.0M | −$142.0M | −$115.0M | $114.0M | −$17.0M | −$29.0M | −$14.0M | $204.0M | −$86.0M | −$177.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$234.0M | −$141.0M | −$345.0M | −$281.0M | −$309.0M | −$187.0M | −$417.0M | −$285.0M | −$451.0M | −$466.0M | −$433.0M | −$316.0M |
| Investments (net) | $12.0M | $9.0M | −$46.0M | $532.0M | $72.0M | $357.0M | −$915.0M | −$1.50B | −$269.0M | −$399.0M | −$451.0M | −$552.0M |
| Acquisitions & other investing | $37.0M | $40.0M | $88.0M | $281.0M | $309.0M | $187.0M | $417.0M | $285.0M | $451.0M | $466.0M | $433.0M | $316.0M |
| Cash from investing activities | −$185.0M | −$92.0M | −$303.0M | $532.0M | $72.0M | $357.0M | −$915.0M | −$1.50B | −$269.0M | −$399.0M | −$451.0M | −$552.0M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$3.0M | −$5.0M | $0 | $8.0M | −$3.0M | −$5.0M | −$1.0M | $5.0M | −$2.0M | −$3.0M | −$1.0M | $0 |
| Net borrowing (repayment) | $37.0M | −$112.0M | −$122.0M | −$111.0M | −$147.0M | −$81.0M | $251.0M | $2.88B | — | — | — | — |
| Shares issued | $0 | $0 | $22.0M | $0 | $0 | $0 | $29.0M | $0 | $0 | $0 | $22.0M | $0 |
| Other financing | $19.0M | $0 | $0 | −$8.0M | $30.0M | $0 | $0 | −$1.0M | $338.0M | $274.0M | $711.0M | $241.0M |
| Cash from financing activities | $53.0M | −$117.0M | −$100.0M | −$111.0M | −$120.0M | −$86.0M | $279.0M | $2.88B | $336.0M | $271.0M | $732.0M | $241.0M |
| Summary | ||||||||||||
| Net change in cash | −$287.0M | −$89.0M | −$354.0M | $279.0M | −$163.0M | $385.0M | −$653.0M | $1.35B | $53.0M | $76.0M | $195.0M | −$488.0M |
| Cash at end of period | $1.92B | $2.21B | $2.29B | $2.65B | $2.37B | $2.53B | $2.15B | $2.80B | $1.45B | $1.39B | $1.32B | $1.12B |
| Free cash flow | −$389.0M | −$21.0M | −$296.0M | −$423.0M | −$424.0M | −$73.0M | −$434.0M | −$314.0M | −$465.0M | −$262.0M | −$519.0M | −$493.0M |
| Free cash flow margin | −14.4% | −0.9% | −13.2% | −18.2% | −18.0% | −3.4% | −19.1% | −13.3% | −19.2% | −11.9% | −22.3% | −21.0% |
| Capex / revenue | 8.7% | 6.3% | 15.4% | 12.1% | 13.1% | 8.7% | 18.3% | 12.1% | 18.6% | 21.1% | 18.6% | 13.4% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | −0.56 | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
JBLU cash generation
In fiscal 2025 (ended December 31, 2025), JetBlue Airways generated -$94.0 million of cash from operations (down 165.3%) and spent $1.1 billion on capital expenditures, leaving free cash flow of -$1.2 billion, −13.4% of revenue. It returned $8.0 million to shareholders through dividends ($0) and net share buybacks ($8.0 million). Cash and equivalents rose by $147.0 million over the year.
Related: JBLU income statement, JBLU balance sheet. See the JBLU stock overview for the latest quote and news.
JBLU cash flow FAQ
What is JetBlue Airways's free cash flow?
JetBlue Airways's free cash flow was -$1.2 billion in fiscal 2025: -$94.0 million of operating cash flow minus $1.1 billion of capital expenditures It was -$1.5 billion a year earlier..
How much cash does JetBlue Airways generate from operations?
JetBlue Airways generated -$94.0 million of cash from operating activities in fiscal 2025.
How much does JetBlue Airways spend on capital expenditures?
JetBlue Airways spent $1.1 billion on capital expenditures in fiscal 2025, 12.4% of revenue, compared with $1.6 billion the year before.
How much stock does JetBlue Airways buy back?
JetBlue Airways spent $8.0 million on net share repurchases in fiscal 2025.